Retailers in the UAE need to “be bold” as the country gradually emerges from the coronavirus crisis, Emaar Chairman Mohamed Alabbar said in a statement Sunday.
The UAE has recently begun slowly easing lockdown measures authorities put in place to combat the spread of the coronavirus. Lockdown policies across the world are, however, resulting in a global recession not seen in nearly a century, putting stress on businesses that have struggled as consumers stay home.
“Now is the time to be bold. Of course, we are all being cautious, but we must not be afraid to act now in this new environment. This is the time to fast track many initiatives, including our digital plans, customer experience, loyalty, efficiency and business diversification,” Alabbar said in a statement.
Countries across the world have moved to shield their economies from the worst effects of the downturn caused by the coronavirus. The UAE has implemented several measures to support businesses, including a variety giant economic stimulus packages.
Alabbar noted that with the announcement that The Dubai Mall would reopen, Emaar would work closely with retailers to navigate through the next few months.
Earlier in May, Dr. Ricardo Hausmann, founder and Director of Harvard's Growth Lab said that the UAE's economy has a “greater ability” to begin growing again once the coronavirus has passed, compared to other countries.
“The UAE has greater capabilities compared to other countries, in having a greater ability to get out of this crisis easily because of investing in sectors other than oil, and setting fiscal policies to deal with the global challenges,” Hausmann said, state news agency WAM reported.
The UAE has reported 34,557 cases of coronavirus, with 264 fatalities. The total number of recoveries so far stands at 17,932.